XRP - Leading the way ?
Hello traders,
Even though we did not really have much movements on the market this week, XRP is looking more bullish than any other alts.
On the weekly time-frame, after a huge upside push to .50 cents, the price reversed all the way down to the baseline of .29-.30 cents.
As covered on prior analysis, this level is so crucial for XRP as it correlates with the ascending trend line on the weekly which appears to be a strong supportive trend-line from the historical point of view, as it has been tested so many times but never really been broken and we also anticipated huge upside pushes upon testing this trend-line.
Should this momentum hold, we could spike towards .37 resistance that I highlighted with yellow, a break above this level and we should be seeing 42 cents.
On the daily time frame, upon retesting the baseline of 29 cents, we have formed a perfect Fibonacci formation that is currently unfolding.
We rejected the 78.6% region perfectly currently sitting just above the 61.8%, these two levels are known as a turning points on the market. Should this pattern unfold, also taking into the consideration the weekly factors that I mentioned above and the BTC dominance ( check the BTC analysis if you haven't already ) , we should bee seeing an upside push soon.
Even though we did not really have much movements on the market this week, XRP is looking more bullish than any other alts.
On the weekly time-frame, after a huge upside push to .50 cents, the price reversed all the way down to the baseline of .29-.30 cents.
As covered on prior analysis, this level is so crucial for XRP as it correlates with the ascending trend line on the weekly which appears to be a strong supportive trend-line from the historical point of view, as it has been tested so many times but never really been broken and we also anticipated huge upside pushes upon testing this trend-line.
Should this momentum hold, we could spike towards .37 resistance that I highlighted with yellow, a break above this level and we should be seeing 42 cents.
On the daily time frame, upon retesting the baseline of 29 cents, we have formed a perfect Fibonacci formation that is currently unfolding.
We rejected the 78.6% region perfectly currently sitting just above the 61.8%, these two levels are known as a turning points on the market. Should this pattern unfold, also taking into the consideration the weekly factors that I mentioned above and the BTC dominance ( check the BTC analysis if you haven't already ) , we should bee seeing an upside push soon.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.